HEG wins ₹217.56 cr Indus Towers battery order FY27

What HEG announced and why it matters

HEG Advanced Materials Ltd (formerly HEG Limited) said on September 18 that its subsidiary, Replus Engitech Pvt Ltd, has received orders from Indus Towers Ltd for the supply of lithium-ion battery banks. The total value of the orders is ₹217.56 crore, inclusive of Goods and Services Tax (GST). The order is from a domestic entity and is to be executed on or before March 31, 2027. The company also said the timeline may be extended if both parties mutually agree.

For HEG, the development is notable because it comes through Replus Engitech, a unit positioned in lithium-ion battery packs and battery energy storage systems. The order also adds a fresh disclosed contract to a recent period where reported backlog coverage was described as nil. In market terms, the announcement coincided with a sharp move in the stock on the day.

Order scope: lithium-ion battery banks for telecom use

Indus Towers is the customer awarding the orders, while Replus Engitech is the supplier. The purchase is for lithium-ion battery banks, typically used to support telecom infrastructure power needs. HEG’s disclosure said the terms and conditions are as per the general conditions specified in the purchase orders.

The company described the orders as multiple orders received by Replus Engitech, with the total contract value aggregating to ₹217.56 crore including GST. Execution is scheduled on or before March 31, 2027. The disclosure allows for an extension if both parties agree, which keeps the end date flexible without changing the confirmed nature of the work order.

Timeline and execution window through March 2027

HEG stated that the orders are to be executed on or before March 31, 2027. That timing places delivery and completion into FY27, implying staggered execution rather than a single-quarter dispatch. A separate note tied to the order described the delivery timeline as extending to March 2027, supporting the view that revenue recognition would depend on shipment and the purchase order terms.

The company did not provide a shipment schedule or quarterly split in the disclosure. It also did not disclose unit volumes or pricing per battery bank. What is explicit is the completion deadline and the possibility of extension by mutual agreement.

Order size versus reported average quarterly revenue

One data point provided alongside the announcement put the ₹217.56 crore order value at about 28% of the company’s average quarterly revenue of ₹767.83 crore. This framing is important because it helps investors compare the order magnitude to a recent revenue baseline without assuming how quickly the order turns into reported revenue.

The same note stated that the total disclosed order book stood at “zero quarters of coverage” based on the last three fiscal quarters shown in its referenced table, meaning this single win resets visible backlog from nil in that disclosure framework. The company’s market filings did not provide an expanded order book table in the text provided here, but the “nil to one win” context was explicitly stated.

Relationship disclosures and governance statements

HEG Advanced Materials said neither its promoter, promoter group, nor group companies have any interest in Indus Towers, the entity awarding the orders. This kind of statement is typically aimed at clarifying that the contract is not a related-party transaction.

Separately, the information set also included an update on promoter holding changes following a composite scheme of arrangement. The promoter group stake in HEG Advanced Materials was stated to have increased from 56.28% to 60.72% after the completion of the scheme, with the overall promoter holding now at 60.72% of total share capital. It was also stated that LNJ Spark Advisory LLP acquired a 12.29% stake via the scheme.

Where Replus Engitech fits within HEG

Replus Engitech was described as specialising in lithium-ion battery packs and battery energy storage systems. Its solutions were described as serving telecom infrastructure, electric mobility, and stationary applications. The Indus Towers order was described as strengthening Replus Engitech’s presence in the telecom energy-storage segment.

HEG holds a 74% stake in Replus Engitech, according to the company’s corporate disclosures cited in the information provided. That ownership detail helps explain why the order is relevant at the consolidated level, even though the contract is executed by a subsidiary.

Stock market reaction on September 18

HEG Advanced Materials shares moved sharply after the announcement on September 18. One report stated the stock hit the 5% upper circuit during the day. The BSE close cited in the provided information shows shares ended at ₹238.55, up ₹11.35 or 5.00%.

Another datapoint in the same information set cited shares at ₹237.05 during the session, up nearly 5%, and also noted that at 12:27 PM IST the stock was up 4.99% versus the previous close of ₹215.05. Taken together, these points indicate a near-limit-up move during intraday trade and a 5% gain at the close.

Balance sheet snapshot from the June quarter

The information provided also included a brief snapshot of HEG’s financial position at the end of the June quarter. Total assets were stated at ₹6,333.97 crore, while total liabilities stood at ₹1,453.78 crore.

These are balance sheet figures and do not directly quantify the order impact. But they provide context on the company’s scale and capital structure alongside the new order disclosure.

Key facts table

Market impact and what investors can track

The immediate market impact was visible in the stock’s near-5% move on September 18, aligning with the announcement of a confirmed order. The multi-month execution window through March 2027 suggests that any revenue recognition would be spread over time and would depend on the contractual recognition mechanics tied to shipment and purchase order terms.

For investors tracking the business mix, the order also highlights Replus Engitech’s exposure to telecom energy-storage demand via Indus Towers. The company’s explicit statement that promoters and group entities have no interest in Indus Towers addresses potential governance questions that often arise around large contracts.

Conclusion

HEG Advanced Materials’ disclosure of ₹217.56 crore (GST-inclusive) lithium-ion battery bank orders for its subsidiary Replus Engitech from Indus Towers sets a clear execution target of March 31, 2027, with scope for extension by mutual agreement. The company also reiterated that its promoter group has no interest in the awarding entity. Market participants will likely track shipment progress and the timing of recognition under purchase order terms as the contract moves toward completion by FY27.